The transfer of tokens across two blockchains will be done through atomic swaps. The Ethereum blockchain will be used for liquidity and the Stellar platform for transactions.
Social messaging app Kik has just announced that the company is planning to make use of two different blockchains in order to power its “kin” tokens. Last year in September, the company managed to raise $98 million through an Initial Coin Offering (ICO) by launching the kin tokens on the Ethereum platform.
Later in December, it announced that the company is looking ways to switch from Ethereum to Stellar network sighting issues of speed, reliability and costs. Now, the Kin Ecosystem Foundation which is a nonprofit and independent governance body for Kin said that it will be using the Stellar blockchain platform to improve Kin’s accessibility and functionality for digital services.
The Ethereum blockchain platform, on which the tokens were initially launched will be used for liquidity white Stellar will be used for transaction purpose. Ted Livingston, CEO of Kik, the popular chat app and the first member of the Kin Ecosystem, said: “The goal of Kin is to create digital sharing economy where everyone is fairly compensated for the unique value they contribute. While Ethereum provides immediate liquidity for Kin holders, it’s not ready for mainstream consumer usage.” The implementation of Stellar within Kin’s infrastructure will take place in two phases.
In the first phase, Stellar-based kin tokens will be created separately as different assets from the original ERC-20 tokens. The newly created tokens can be used by users and also spend them on other digital services within the Kin Ecosystem. Read more from coinspeaker.com…
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